Obviously a bit of a gamble. But I think its one the Lakers had to take.
The lack of quality C's in the league right now make this almost a no-brainer. However, they do run the risk that he doesn't pan out. The team option in the fourth year would alleviate this situation a bit, though.
Its being based on potential which can be a scary thing sometimes. However, if he does pan out, its one less headache to worry about in the near future for the organization. Heck, it could be bargain down the road. Who knows?